Arsenal revealed on Friday that American businessman, and Colorado Rapids owner, Stan Kroenke had accepted an invitation to join the club's board.
"It is a real honor to be invited to join the board of Arsenal given their pre-eminent reputation and position in football worldwide," said Denver-based Kroenke.
Manager Arsene Wenger believes Arsenal deserve "double credit" for maintaining a sensible business policy as they look to compete with other Premier League clubs bankrolled by billionaires from around the globe.
Wenger believes such prudence and careful planning in what is often an unstable economic environment makes the Gunners among the market leaders.
Wenger has a long tradition of scouting the globe for young talent, which he and the club then nurture rather than signing big-name stars.
Although the Gunners boss did not spend heavily during the transfer window, chairman Peter Hill-Wood maintains the French coach has a healthy war chest available should he wish to dip into it.
"Funds will always be made available to Arsene to improve the quality of the squad and we have consistently stated that adequate funds are available to him if needed," he said.
"We maintain a constant dialogue with Arsene and whilst there is not a set figure in place, we are always able to buy additional players should he choose to buy.
"We have every confidence in Arsene and trust in his judgment."
The appointment of Kroenke to the board, meanwhile, has been widely interpreted as an attempt to stave off a potential takeover from Uzbek oligarch Alisher Usmanov, who also has a significant stake in the club via Red & White Holdings.
Kroenke has agreed not to increase his stake beyond 29.9% of Arsenal's share capital in the next year unless a takeover bid is launched by Usmanov or another party, in which case he could do so with the consent of the board.
Hill-Wood, though, maintains the board are not about to sell up to the American tycoon, whose Kroenke Sports Enterprises group holds 12.4% of shares in Arsenal's parent company and supports the current 'lockdown' agreement in place between executives which runs until October 2012.
He said: "The board is still very much committed to the current ownership structure.
"Mr Kroenke fully supports the approach the board has taken in setting the direction of the club."
Kroenke's appointment shows the thawing of relations between Kroenke and the board after his initial investment in April 2007 was met with horror by Hill-Wood - who claimed "his sort" was not welcome.
